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Market strategy briefQ2 2026Next refresh: mid-Nov 2026

Lower Spend Concentration + Accelerating posture

Industrial & Facility Services

Lower Spend Concentration + Accelerating · $226B disclosed spend · led by Geographic Expansion plays · activity accelerating across 157 public buyers.

High-activity acquirers buy capabilities and density repeatedly, with evidence in annual-report acquisition disclosures and strategy language.

Geographic Expansion dominantSpend HHI 266Accelerating +47

Disclosed acquisition spend is below the atlas median HHI (576), while recent activity is accelerating.

Public buyers

157

86 core (10+)

Recorded buys

2,432

388 last 3 yrs

Disclosed spend

$226B

$65.5B recent

Matched issuers

241

3 segments

Strategy fingerprint

How this market gets bought

Spend-weighted strategy mix from public buyers' 10-K language. Each archetype shows the buyers who lead it.

Geo 25%
Bolt 23%
Horiz 20%
Platform 11%
Tuck InBolt OnPlatformGeographic ExpansionHorizontal ConsolidationVertical IntegrationTechnology AcquisitionTalent Acquisition

Tuck In

6% mix

Small additive deals folded directly into the existing business.

“We plan to continue pursuing merger and acquisition opportunities to facilitate growth.”

TIC Solutions, Inc. (TIC) · FY2025

Bolt On

23% mix

Mid-sized acquisitions extending the existing product or service core.

“non-recurring costs associated with recent acquisitions and related integration activities”

WESCO International, Inc. (WCC) · FY2025

Platform

11% mix

Foundational deals establishing a new platform or business line.

“In May 2025, the FASB issued ASU 2025-03, Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity.”

Pangaea Logistics Solutions, Ltd. (PANL) · FY2025

Geographic Expansion

25% mix

Buying density or new geographies to extend the footprint.

“On January 25, 2024, we completed the Omni Acquisition, which has allowed us to expand our operations both domestically and internationally.”

Forward AIR Corporation (FWRD) · FY2024

Horizontal Consolidation

20% mix

Acquiring direct competitors to consolidate the market.

“We remain focused on our core priorities of growing leasing revenues by increasing units on rent, both organically and through our acquisition strategy”

Willscot Holdings Corporation (WSC) · FY2023

Vertical Integration

1% mix

Adding upstream or downstream capability inside the value chain.

Technology Acquisition

10% mix

Buying products, IP, or engineering depth for capability gain.

“By acquiring Xcira, the Company acquired information technology capability and platform to build on its strong online bidding customer experience, and further differentiate itself from other industrial auction companies.”

RB Global, Inc (RBA) · FY2015

Talent Acquisition

5% mix

Acquisitions led by team or human-capital rationale.

“To acquire the best new sales talent and prepare them for success, we have developed an extensive talent acquisition strategy.”

Distribution Solutions Group, Inc. (DSGR) · FY2021

Buyer landscape

Disclosed buyer scale by annual spend

Each bubble is a top public buyer with disclosed acquisition spend. X = average disclosed spend per active year. Y = total disclosed spend. Midlines are buyer medians. Color = dominant strategy archetype.

Below-median disclosed spend per active year, above-median total disclosed spend.Lower Annual Spend / Higher Total SpendAbove-median disclosed spend per active year, above-median total disclosed spend.Higher Annual Spend / Higher Total SpendBelow-median disclosed spend per active year, below-median total disclosed spend.Lower Annual Spend / Lower Total SpendAbove-median disclosed spend per active year, below-median total disclosed spend.Higher Annual Spend / Lower Total Spend$100K$1M$10M$100M$1B$10B$100K$1M$10M$100M$1B$10Bmedian annual $59Mmedian total $349MAvg disclosed acquisition spend per active year (log) →Total disclosed spend (log)FDXFedEx Corporation (FDX) Geographic Expansion $13.6B total · $1.1B / active year 12 active years · 18 buys reportedWCCWESCO International, Inc. (WCC) Bolt On $11.6B total · $682M / active year 17 active years · 24 buys reportedSWKStanley Black & Decker, Inc. (SWK) Geographic Expansion $11.3B total · $707M / active year 16 active years · 25 buys reportedURIUnited Rentals, Inc. (URI) Bolt On $11.3B total · $665M / active year 17 active years · 5 buys reportedQXOQXO, Inc. (QXO) Talent Acquisition $11.2B total · $1.1B / active year 10 active years · 15 buys reportedAZZAZZ Inc. (AZZ) Geographic Expansion $9B total · $562M / active year 16 active years · 11 buys reportedMLIMueller Industries Inc. (MLI) Geographic Expansion $8.9B total · $814M / active year 11 active years · 21 buys reportedJANLJanel Corporation (JANL) Geographic Expansion $7.7B total · $595M / active year 13 active years · 10 buys reportedUPSUnited Parcel Service, Inc (UPS) Geographic Expansion $6.7B total · $746M / active year 9 active years · 8 buys reportedYGMZFMingZhu Logistics Holdings Limited (YGMZF) Mixed strategy $6.5B total · $1.6B / active year 4 active years · 3 buys reportedXPOXPO, Inc. (XPO) Geographic Expansion $6.1B total · $764M / active year 8 active years · 20 buys reportedHRIHerc Holdings Inc. (HRI) Bolt On $6.1B total · $869M / active year 7 active years · 155 buys reportedGPGIGPGI, Inc. (GPGI) Technology Acquisition $5B total · $5B / active year 1 active years · 1 buys reportedFWRDForward AIR Corporation (FWRD) Geographic Expansion $5B total · $330M / active year 15 active years · 19 buys reportedPAYXPaychex, Inc. (PAYX) Bolt On $4.9B total · $274M / active year 18 active years · 7 buys reportedAIRTAIR T, Inc. (AIRT) Bolt On $4.6B total · $655M / active year 7 active years · 4 buys reportedRBARB Global, Inc (RBA) Technology Acquisition $4.1B total · $515M / active year 8 active years · 7 buys reportedCTASCintas Corporation (CTAS) Bolt On $4B total · $200M / active year 20 active years · 304 buys reportedABMABM Industries Incorporated (ABM) Geographic Expansion $3.2B total · $210M / active year 15 active years · 28 buys reportedCTOSCustom Truck One Source, Inc. (CTOS) Platform $3B total · $425M / active year 7 active years · 4 buys reportedGXOGXO Logistics, Inc. (GXO) Mixed strategy $2.9B total · $718M / active year 4 active years · 5 buys reportedALLEAllegion plc (ALLE) Geographic Expansion $2.7B total · $223M / active year 12 active years · 31 buys reportedWSCWillscot Holdings Corporation (WSC) Horizontal Consolidation $2.6B total · $367M / active year 7 active years · 34 buys reportedMMSMaximus, Inc. (MMS) Geographic Expansion $2.5B total · $181M / active year 14 active years · 21 buys reportedAITApplied Industrial Technologies, Inc. (AIT) Geographic Expansion $2.5B total · $189M / active year 13 active years · 30 buys reportedAERAerCap Holdings N.V. (AER) Platform $2.4B total · $2.4B / active year 1 active years · 3 buys reportedADPAutomatic Data Processing Inc. (ADP) Technology Acquisition $2.3B total · $209M / active year 11 active years · 52 buys reportedBCOBrink’s Co. (BCO) Geographic Expansion $2.1B total · $134M / active year 16 active years · 38 buys reportedREZIResideo Technologies, Inc. (REZI) Bolt On $2.1B total · $298M / active year 7 active years · 11 buys reportedTKRTimken Co. (TKR) Geographic Expansion $2.1B total · $188M / active year 11 active years · 31 buys reportedRRyder System, Inc. (R) Geographic Expansion $2B total · $110M / active year 18 active years · 13 buys reportedCBZCBIZ, Inc. (CBZ) Bolt On $1.9B total · $95M / active year 20 active years · 88 buys reportedGEOThe GEO Group, Inc. (GEO) Geographic Expansion $1.9B total · $210M / active year 9 active years · 8 buys reportedPBIPitney Bowes Inc. (PBI) Bolt On $1.9B total · $157M / active year 12 active years · 13 buys reportedFAFirst Advantage Corporation (FA) Bolt On $1.8B total · $300M / active year 6 active years · 20 buys reportedCARAvis Budget Group, Inc. (CAR) Geographic Expansion $1.7B total · $122M / active year 14 active years · 68 buys reportedTTCTHE Toro Company (TTC) Bolt On $1.7B total · $130M / active year 13 active years · 19 buys reportedCHRWC.h. Robinson Worldwide, Inc. (CHRW) Geographic Expansion $1.7B total · $138M / active year 12 active years · 12 buys reportedMNESPMSA Safety Inc (MNESP) Bolt On $1.6B total · $124M / active year 13 active years · 9 buys reportedMSMMSC Industrial Direct Co., Inc. (MSM) Horizontal Consolidation $1.6B total · $106M / active year 15 active years · 13 buys reportedADTADT Inc. (ADT) Geographic Expansion $1.5B total · $216M / active year 7 active years · 9 buys reportedKELYAKelly Services, Inc. (KELYA) Geographic Expansion $1.5B total · $107M / active year 14 active years · 22 buys reportedMGRCMcGRATH RENTCORP (MGRC) Bolt On $1.5B total · $147M / active year 10 active years · 9 buys reportedULHUniversal Logistics Holdings, Inc. (ULH) Bolt On $1.5B total · $113M / active year 13 active years · 86 buys reportedCNMCore & Main, Inc. (CNM) Geographic Expansion $1.3B total · $268M / active year 5 active years · 18 buys reportedMHHMastech Digital, Inc. (MHH) Geographic Expansion $1.3B total · $324M / active year 4 active years · 4 buys reportedTRTN-PATriton International Limited (TRTN-PA) Mixed strategy $1.3B total · $627M / active year 2 active years · 1 buys reportedDXPEDXP Enterprises, Inc. (DXPE) Horizontal Consolidation $1.2B total · $88M / active year 14 active years · 38 buys reportedGATXGatx Corp. (GATX) Geographic Expansion $1.2B total · $247M / active year 5 active years · 11 buys reportedMANManpowergroup Inc. (MAN) Mixed strategy $1.2B total · $132M / active year 9 active years · 2 buys reportedWORWorthington Enterprises, Inc. (WOR) Bolt On $1.2B total · $70M / active year 17 active years · 16 buys reportedHUBGHUB Group, Inc. (HUBG) Geographic Expansion $1.1B total · $81M / active year 14 active years · 13 buys reportedPOOLPool Corporation (POOL) Geographic Expansion $1.1B total · $56M / active year 20 active years · 49 buys reportedLECOLincoln Electric Holdings Inc. (LECO) Geographic Expansion $1B total · $62M / active year 17 active years · 29 buys reportedSITESiteOne Landscape Supply, Inc. (SITE) Bolt On $1B total · $129M / active year 8 active years · 49 buys reportedBRCBrady Corp. (BRC) Horizontal Consolidation $1B total · $112M / active year 9 active years · 35 buys reportedKFYKorn Ferry (KFY) Bolt On $992M total · $71M / active year 14 active years · 11 buys reportedTICTIC Solutions, Inc. (TIC) Tuck In $893M total · $446M / active year 2 active years · 11 buys reportedQUADQuad/Graphics, Inc. (QUAD) Horizontal Consolidation $790M total · $66M / active year 12 active years · 13 buys reportedESABESAB Corporation (ESAB) Bolt On $760M total · $190M / active year 4 active years · 10 buys reportedEMLTHE Eastern Company (EML) Bolt On $708M total · $59M / active year 12 active years · 12 buys reportedTBITrueBlue, Inc. (TBI) Geographic Expansion $698M total · $78M / active year 9 active years · 9 buys reportedFTAIFtai Aviation Ltd. (FTAI) Geographic Expansion $670M total · $335M / active year 2 active years · 3 buys reportedDSGRDistribution Solutions Group, Inc. (DSGR) Talent Acquisition $656M total · $60M / active year 11 active years · 23 buys reportedRBCRBC Bearings Incorporated (RBC) Bolt On $634M total · $49M / active year 13 active years · 15 buys reportedBKYIBIO-key International, Inc. (BKYI) Mixed strategy $628M total · $157M / active year 4 active years · 4 buys reportedATXGAddentax Group Corp. (ATXG) Mixed strategy $607M total · $202M / active year 3 active years · 4 buys reportedFERGFerguson Enterprises Inc. (FERG) Bolt On $561M total · $281M / active year 2 active yearsJBHTJ.b. Hunt Transport Services, Inc. (JBHT) Bolt On $557M total · $80M / active year 7 active years · 5 buys reportedGWWW.w. Grainger, Inc. (GWW) Geographic Expansion $524M total · $52M / active year 10 active years · 20 buys reportedACTGAcacia Research Corporation (ACTG) Technology Acquisition $518M total · $58M / active year 9 active years · 219 buys reportedNLNL Industries, Inc. (NL) Bolt On $514M total · $73M / active year 7 active years · 6 buys reportedDLHCDLH Holdings Corp. (DLHC) Geographic Expansion $496M total · $55M / active year 9 active years · 4 buys reportedALTGAlta Equipment Group Inc. (ALTG) Horizontal Consolidation $434M total · $72M / active year 6 active years · 9 buys reportedBVBrightView Holdings, Inc. (BV) Horizontal Consolidation $412M total · $82M / active year 5 active yearsCYRXCryoport, Inc. (CYRX) Geographic Expansion $410M total · $82M / active year 5 active years · 6 buys reportedMGMistras Group, Inc. (MG) Bolt On $390M total · $35M / active year 11 active years · 40 buys reportedSNASnap-on Inc (SNA) Geographic Expansion $354M total · $25M / active year 14 active years · 23 buys reportedPANLPangaea Logistics Solutions, Ltd. (PANL) Platform $349M total · $50M / active year 7 active years · 20 buys reportedTGTredegar Corporation (TG) Bolt On $332M total · $66M / active year 5 active years · 4 buys reportedDHXDHI Group, Inc. (DHX) Geographic Expansion $322M total · $40M / active year 8 active years · 9 buys reportedMECMayville Engineering Company, Inc. (MEC) Horizontal Consolidation $320M total · $80M / active year 4 active years · 4 buys reportedPRLBProto Labs, Inc. (PRLB) Geographic Expansion $277M total · $55M / active year 5 active years · 8 buys reportedIIINInsteel Industries Inc. (IIIN) Bolt On $273M total · $34M / active year 8 active years · 7 buys reportedCVLGCovenant Logistics Group, Inc. (CVLG) Geographic Expansion $270M total · $39M / active year 7 active years · 9 buys reportedCVEOCiveo Corp (CVEO) Geographic Expansion $260M total · $87M / active year 3 active years · 4 buys reportedTNETTrinet Group, Inc. (TNET) Bolt On $245M total · $122M / active year 2 active yearsSPIRSpire Global, Inc. (SPIR) Mixed strategy $233M total · $116M / active year 2 active years · 2 buys reportedGICGlobal Industrial Company (GIC) Horizontal Consolidation $230M total · $33M / active year 7 active years · 7 buys reportedNWPXNWPX Infrastructure, Inc. (NWPX) Bolt On $229M total · $33M / active year 7 active years · 7 buys reportedTISITeam, Inc. (TISI) Bolt On $226M total · $28M / active year 8 active years · 5 buys reportedTRNSTranscat, Inc. (TRNS) Geographic Expansion $224M total · $15M / active year 15 active years · 30 buys reportedTITNTitan Machinery Inc. (TITN) Geographic Expansion $217M total · $18M / active year 12 active years · 36 buys reportedPALProficient Auto Logistics, Inc. (PAL) Tuck In $209M total · $105M / active year 2 active years · 13 buys reportedRLGTRadiant Logistics, Inc. (RLGT) Geographic Expansion $205M total · $12M / active year 17 active years · 17 buys reportedDWAYDriveitaway Holdings, Inc. (DWAY) Bolt On $200M total · $40M / active year 5 active years · 5 buys reportedCRSCarpenter Technology Corporation (CRS) Horizontal Consolidation $193M total · $32M / active year 6 active years · 8 buys reportedJOBGEE Group Inc. (JOB) Geographic Expansion $191M total · $24M / active year 8 active years · 8 buys reportedKFRCKforce Inc (KFRC) Geographic Expansion $178M total · $59M / active year 3 active years · 4 buys reportedBGSFBgsf, Inc. (BGSF) Mixed strategy $174M total · $17M / active year 10 active years · 10 buys reportedHLMNHillman Solutions Corp. (HLMN) Bolt On $159M total · $32M / active year 5 active years · 4 buys reportedATIATI Inc. (ATI) Bolt On $128M total · $21M / active year 6 active years · 5 buys reportedLZLegalZoom.com, Inc. (LZ) Bolt On $119M total · $40M / active year 3 active years · 5 buys reportedRHIRobert Half Inc. (RHI) Mixed strategy $96M total · $7M / active year 13 active years · 6 buys reportedSNFCASecurity National Financial Corporation (SNFCA) Geographic Expansion $84M total · $9M / active year 9 active years · 6 buys reportedHQIHirequest, Inc. (HQI) Tuck In $80M total · $11M / active year 7 active years · 10 buys reportedUPWKUpwork Inc. (UPWK) Technology Acquisition $78M total · $39M / active year 2 active years · 3 buys reportedLSHLakeside Holding Limited (LSH) Geographic Expansion $77M total · $77M / active year 1 active years · 1 buys reportedKODKEastman Kodak Company (KODK) Bolt On $64M total · $32M / active year 2 active years · 5 buys reportedFASTFastenal Co. (FAST) Geographic Expansion $61M total · $61M / active year 1 active years · 2 buys reportedGPOXGPO Plus, Inc. (GPOX) Vertical Integration $60M total · $30M / active year 2 active years · 8 buys reportedGFAIGuardforce AI Co., Limited (GFAI) Bolt On $51M total · $51M / active year 1 active years · 3 buys reportedRAILFreightcar America, Inc. (RAIL) Geographic Expansion $50M total · $10M / active year 5 active years · 4 buys reportedNSSCNapco Security Technologies, Inc. (NSSC) Mixed strategy $49M total · $25M / active year 2 active yearsEQPTEquipmentShare.com Inc (EQPT) Mixed strategy $48M total · $48M / active year 1 active years · 16 buys reportedODFLOLD Dominion Freight Line, Inc. (ODFL) Geographic Expansion $47M total · $16M / active year 3 active yearsBAERBridger Aerospace Group Holdings, Inc. (BAER) Mixed strategy $44M total · $15M / active year 3 active years · 3 buys reportedZTOZTO Express (Cayman) Inc. (ZTO) Mixed strategy $42M total · $8M / active year 5 active yearsGXXMDGEX Management Inc. (GXXMD) Tuck In $41M total · $20M / active year 2 active yearsPRGProg Holdings, Inc. (PRG) Platform $38M total · $13M / active year 3 active years · 1 buys reportedNSPInsperity, Inc. (NSP) Bolt On $34M total · $7M / active year 5 active years · 4 buys reportedULSUL Solutions Inc. (ULS) Bolt On $27M total · $14M / active year 2 active yearsLSTRLandstar System, Inc. (LSTR) Bolt On $26M total · $9M / active year 3 active years · 2 buys reportedZIPZiprecruiter, Inc. (ZIP) Horizontal Consolidation $25M total · $13M / active year 2 active years · 2 buys reportedWHLMWilhelmina International, Inc. (WHLM) Bolt On $23M total · $8M / active year 3 active years · 2 buys reportedPPHCPublic Policy Holding Company, Inc. (PPHC) Geographic Expansion $21M total · $21M / active year 1 active years · 2 buys reportedSPCBSupercom Ltd. (SPCB) Mixed strategy $19M total · $5M / active year 4 active years · 2 buys reportedLGMKLogicMark, Inc. (LGMK) Mixed strategy $17M total · $17M / active year 1 active yearsKMTKennametal Inc. (KMT) Horizontal Consolidation $14M total · $2M / active year 6 active years · 9 buys reportedCTGLSkytech Orion Global Corp. (CTGL) Mixed strategy $14M total · $14M / active year 1 active yearsCASSCass Information Systems, Inc. (CASS) Geographic Expansion $14M total · $3M / active year 4 active years · 6 buys reportedVRMEVerifyme, Inc. (VRME) Bolt On $13M total · $3M / active year 4 active years · 3 buys reportedBBSIBarrett Business Services, Inc. (BBSI) Geographic Expansion $13M total · $3M / active year 4 active years · 3 buys reportedCRGOFreightos Ltd (CRGO) Bolt On $11M total · $4M / active year 3 active years · 2 buys reportedCLIKClick Holdings Limited (CLIK) Bolt On $9M total · $9M / active year 1 active years · 1 buys reportedWLFCWillis Lease Finance Corp. (WLFC) Mixed strategy $6M total · $6M / active year 1 active years · 1 buys reportedKSCPKnightscope, Inc. (KSCP) Mixed strategy $5M total · $5M / active year 1 active years · 1 buys reportedNTIPNetwork-1 Technologies, Inc. (NTIP) Technology Acquisition $5M total · $2M / active year 3 active years · 4 buys reportedAPAmpco-pittsburgh Corp. (AP) Horizontal Consolidation $5M total · $5M / active year 1 active years · 3 buys reportedVSTSVestis Corp (VSTS) Tuck In $5M total · $5M / active year 1 active years · 1 buys reportedRLBYReliability Incorporated (RLBY) Mixed strategy $4M total · $2M / active year 2 active years · 1 buys reportedIPDNProfessional Diversity Network, Inc. (IPDN) Technology Acquisition $4M total · $1M / active year 3 active years · 2 buys reportedIVDAIveda Solutions, Inc. (IVDA) Mixed strategy $3M total · $3M / active year 1 active years · 1 buys reportedBZKanzhun Limited (BZ) Mixed strategy $3M total · $1M / active year 2 active years · 2 buys reportedTPCSTechprecision Corp. (TPCS) Bolt On $3M total · $1M / active year 2 active years · 2 buys reportedGNOLFGenoil Inc. (GNOLF) Technology Acquisition $2M total · $480K / active year 5 active years · 14 buys reportedMPUMega Matrix Inc (MPU) Mixed strategy $2M total · $2M / active year 1 active years · 1 buys reportedASFHAsiafin Holdings Corp. (ASFH) Mixed strategy $2M total · $2M / active year 1 active years · 1 buys reportedUUUUniversal Safety Products, Inc. (UUU) Geographic Expansion $2M total · $2M / active year 1 active years · 3 buys reportedIVPRInspire Veterinary Partners, Inc. (IVPR) Geographic Expansion $2M total · $2M / active year 1 active yearsTLSSTransportation and Logistics Systems, Inc. (TLSS) Geographic Expansion $1M total · $367K / active year 3 active years · 1 buys reportedVSAVisionsys AI Inc. (VSA) Bolt On $800K total · $400K / active year 2 active yearsOLOXOlenox Industries Inc. (OLOX) Vertical Integration $700K total · $700K / active year 1 active yearsLICNLichen International Limited (LICN) Geographic Expansion $500K total · $500K / active year 1 active years · 1 buys reportedCIXCompx International Inc. (CIX) Bolt On $500K total · $250K / active year 2 active years · 4 buys reportedICTSFIcts International N.v. (ICTSF) Mixed strategy $300K total · $150K / active year 2 active years · 2 buys reportedHIHOHighway Holdings Limited (HIHO) Geographic Expansion $100K total · $100K / active year 1 active years · 4 buys reported
BuyerDominant playDisclosed spendSpend / yrBuys3-yr spend trend
FedEx CorporationFDXGeographic Expansion
$13.6B
$1.1B18

Cooling

-50%

WESCO International, Inc.WCCBolt On
$11.6B
$682M24

Winding down

$8.6B → $444M

Stanley Black & Decker, Inc.SWKGeographic Expansion
$11.3B
$707M25

Paused

$3.4B prior

United Rentals, Inc.URIBolt On
$11.3B
$665M5

Cooling

-60%

QXO, Inc.QXOTalent Acquisition
$11.2B
$1.1B15

New cycle

$10.6B recent

AZZ Inc.AZZGeographic Expansion
$9B
$562M11

New cycle

$1.3B recent

Mueller Industries Inc.MLIGeographic Expansion
$8.9B
$814M21

Accelerating

+700%

Janel CorporationJANLGeographic Expansion
$7.7B
$595M10

Cooling

-74%

United Parcel Service, IncUPSGeographic Expansion
$6.7B
$746M8

Accelerating

+145%

MingZhu Logistics Holdings LimitedYGMZFN/A
$6.5B
$1.6B3

New cycle

$6.3B recent

XPO, Inc.XPOGeographic Expansion
$6.1B
$764M20

New cycle

$878M recent

Herc Holdings Inc.HRIBolt On
$6.1B
$869M155

New cycle

$3.2B recent

GPGI, Inc.GPGITechnology Acquisition
$5B
$5B1

New cycle

$5B recent

Forward AIR CorporationFWRDGeographic Expansion
$5B
$330M19

Accelerating

+445%

Paychex, Inc.PAYXBolt On
$4.9B
$274M7

New cycle

$3.2B recent

AIR T, Inc.AIRTBolt On
$4.6B
$655M4

Accelerating

+127%

RB Global, IncRBATechnology Acquisition
$4.1B
$515M7

Accelerating

+608%

Cintas CorporationCTASBolt On
$4B
$200M304

Accelerating

+105%

ABM Industries IncorporatedABMGeographic Expansion
$3.2B
$210M28

Cooling

-83%

Custom Truck One Source, Inc.CTOSPlatform
$3B
$425M4

Winding down

$2.9B → $62M

GXO Logistics, Inc.GXON/A
$2.9B
$718M5

Accelerating

+118%

Allegion plcALLEGeographic Expansion
$2.7B
$223M31

Steady

-19%

Willscot Holdings CorporationWSCHorizontal Consolidation
$2.6B
$367M34

Accelerating

+115%

Maximus, Inc.MMSGeographic Expansion
$2.5B
$181M21

Winding down

$1.6B → $18M

Applied Industrial Technologies, Inc.AITGeographic Expansion
$2.5B
$189M30

New cycle

$1.2B recent

AerCap Holdings N.V.AERPlatform
$2.4B
$2.4B3

Steady

-100% (count)

Automatic Data Processing Inc.ADPTechnology Acquisition
$2.3B
$209M52

New cycle

$1M recent

Brink’s Co.BCOGeographic Expansion
$2.1B
$134M38

Winding down

$927M → $27M

Resideo Technologies, Inc.REZIBolt On
$2.1B
$298M11

Accelerating

+90%

Timken Co.TKRGeographic Expansion
$2.1B
$188M31

Accelerating

+41%

Ryder System, Inc.RGeographic Expansion
$2B
$110M13

Winding down

$783M → $2M

CBIZ, Inc.CBZBolt On
$1.9B
$95M88

Accelerating

+421%

The GEO Group, Inc.GEOGeographic Expansion
$1.9B
$210M8

New cycle

$4M recent

Pitney Bowes Inc.PBIBolt On
$1.9B
$157M13

Cooling

-92%

First Advantage CorporationFABolt On
$1.8B
$300M20

New cycle

$1.7B recent

Avis Budget Group, Inc.CARGeographic Expansion
$1.7B
$122M68

Accelerating

+47%

THE Toro CompanyTTCBolt On
$1.7B
$130M19

Cooling

-66%

C.h. Robinson Worldwide, Inc.CHRWGeographic Expansion
$1.7B
$138M12

Winding down

$238M → $12M

MSA Safety IncMNESPBolt On
$1.6B
$124M9

Cooling

-52%

MSC Industrial Direct Co., Inc.MSMHorizontal Consolidation
$1.6B
$106M13

Cooling

-74%

ADT Inc.ADTGeographic Expansion
$1.5B
$216M9

Accelerating

+46%

Kelly Services, Inc.KELYAGeographic Expansion
$1.5B
$107M22

Accelerating

+123%

McGRATH RENTCORPMGRCBolt On
$1.5B
$147M9

Accelerating

+223%

Universal Logistics Holdings, Inc.ULHBolt On
$1.5B
$113M86

New cycle

$216M recent

Core & Main, Inc.CNMGeographic Expansion
$1.3B
$268M18

Accelerating

+236%

Mastech Digital, Inc.MHHGeographic Expansion
$1.3B
$324M4

Paused

$100K prior

Triton International LimitedTRTN-PAN/A
$1.3B
$627M1

New cycle

$744M recent

DXP Enterprises, Inc.DXPEHorizontal Consolidation
$1.2B
$88M38

Accelerating

+105%

Gatx Corp.GATXGeographic Expansion
$1.2B
$247M11

Paused

$203M prior

Manpowergroup Inc.MANN/A
$1.2B
$132M2

Winding down

$942M → $6M

Worthington Enterprises, Inc.WORBolt On
$1.2B
$70M16

Steady

+20%

HUB Group, Inc.HUBGGeographic Expansion
$1.1B
$81M13

Steady

-11%

Pool CorporationPOOLGeographic Expansion
$1.1B
$56M49

Winding down

$946M → $27M

Lincoln Electric Holdings Inc.LECOGeographic Expansion
$1B
$62M29

New cycle

$417M recent

SiteOne Landscape Supply, Inc.SITEBolt On
$1B
$129M49

Cooling

-68%

Brady Corp.BRCHorizontal Consolidation
$1B
$112M35

Cooling

-45%

Korn FerryKFYBolt On
$992M
$71M11

Steady

+23%

TIC Solutions, Inc.TICTuck In
$893M
$446M11

New cycle

$893M recent

Quad/Graphics, Inc.QUADHorizontal Consolidation
$790M
$66M13

Accelerating

+271%

ESAB CorporationESABBolt On
$760M
$190M10

Accelerating

+310%

THE Eastern CompanyEMLBolt On
$708M
$59M12

New cycle

$421M recent

TrueBlue, Inc.TBIGeographic Expansion
$698M
$78M9

New cycle

$35M recent

Ftai Aviation Ltd.FTAIGeographic Expansion
$670M
$335M3

Winding down

$640M → $30M

Distribution Solutions Group, Inc.DSGRTalent Acquisition
$656M
$60M23

Accelerating

+206%

RBC Bearings IncorporatedRBCBolt On
$634M
$49M15

Accelerating

+38%

BIO-key International, Inc.BKYIN/A
$628M
$157M4

New cycle

$624M recent

Addentax Group Corp.ATXGN/A
$607M
$202M4

New cycle

$100K recent

Ferguson Enterprises Inc.FERGBolt On
$561M
$281MN/A

New cycle

$561M recent

J.b. Hunt Transport Services, Inc.JBHTBolt On
$557M
$80M5

Accelerating

+33%

W.w. Grainger, Inc.GWWGeographic Expansion
$524M
$52M20

Steady

+0% (count)

Acacia Research CorporationACTGTechnology Acquisition
$518M
$58M219

Accelerating

+40%

NL Industries, Inc.NLBolt On
$514M
$73M6

New cycle

$185M recent

DLH Holdings Corp.DLHCGeographic Expansion
$496M
$55M4

New cycle

$361M recent

Alta Equipment Group Inc.ALTGHorizontal Consolidation
$434M
$72M9

Cooling

-69%

BrightView Holdings, Inc.BVHorizontal Consolidation
$412M
$82MN/A

Winding down

$294M → $14M

Cryoport, Inc.CYRXGeographic Expansion
$410M
$82M6

Winding down

$375M → $14M

Mistras Group, Inc.MGBolt On
$390M
$35M40

Paused

$400K prior

Snap-on IncSNAGeographic Expansion
$354M
$25M23

Winding down

$246M → $500K

Pangaea Logistics Solutions, Ltd.PANLPlatform
$349M
$50M20

Winding down

$213M → $14M

Tredegar CorporationTGBolt On
$332M
$66M4

Steady

+0% (count)

DHI Group, Inc.DHXGeographic Expansion
$322M
$40M9

New cycle

$1M recent

Mayville Engineering Company, Inc.MECHorizontal Consolidation
$320M
$80M4

New cycle

$318M recent

Proto Labs, Inc.PRLBGeographic Expansion
$277M
$55M8

Paused

$127M prior

Insteel Industries Inc.IIINBolt On
$273M
$34M7

Accelerating

+672%

Covenant Logistics Group, Inc.CVLGGeographic Expansion
$270M
$39M9

Steady

+10%

Civeo CorpCVEOGeographic Expansion
$260M
$87M4

New cycle

$72M recent

Trinet Group, Inc.TNETBolt On
$245M
$122MN/A

Paused

$240M prior

Spire Global, Inc.SPIRN/A
$233M
$116M2

Paused

$233M prior

Global Industrial CompanyGICHorizontal Consolidation
$230M
$33M7

New cycle

$149M recent

NWPX Infrastructure, Inc.NWPXBolt On
$229M
$33M7

Winding down

$136M → $9M

Team, Inc.TISIBolt On
$226M
$28M5

Paused

$1M prior

Transcat, Inc.TRNSGeographic Expansion
$224M
$15M30

Accelerating

+85%

Titan Machinery Inc.TITNGeographic Expansion
$217M
$18M36

Accelerating

+191%

Proficient Auto Logistics, Inc.PALTuck In
$209M
$105M13

New cycle

$209M recent

Radiant Logistics, Inc.RLGTGeographic Expansion
$205M
$12M17

Cooling

-36%

Driveitaway Holdings, Inc.DWAYBolt On
$200M
$40M5

Steady

-20%

Carpenter Technology CorporationCRSHorizontal Consolidation
$193M
$32M8

Steady

+0% (count)

GEE Group Inc.JOBGeographic Expansion
$191M
$24M8

New cycle

$1M recent

Kforce IncKFRCGeographic Expansion
$178M
$59M4

Steady

+0% (count)

Bgsf, Inc.BGSFN/A
$174M
$17M10

Cooling

-73%

Hillman Solutions Corp.HLMNBolt On
$159M
$32M4

Accelerating

+184%

ATI Inc.ATIBolt On
$128M
$21M5

Steady

+0% (count)

LegalZoom.com, Inc.LZBolt On
$119M
$40M5

Cooling

-31%

Robert Half Inc.RHIN/A
$96M
$7M6

Cooling

-66%

Security National Financial CorporationSNFCAGeographic Expansion
$84M
$9M6

Paused

$36M prior

Hirequest, Inc.HQITuck In
$80M
$11M10

Cooling

-80%

Upwork Inc.UPWKTechnology Acquisition
$78M
$39M3

New cycle

$78M recent

Lakeside Holding LimitedLSHGeographic Expansion
$77M
$77M1

New cycle

$77M recent

Eastman Kodak CompanyKODKBolt On
$64M
$32M5

Steady

+100% (count)

Fastenal Co.FASTGeographic Expansion
$61M
$61M2

Steady

+0% (count)

GPO Plus, Inc.GPOXVertical Integration
$60M
$30M8

New cycle

$60M recent

Guardforce AI Co., LimitedGFAIBolt On
$51M
$51M3

New cycle

$51M recent

Freightcar America, Inc.RAILGeographic Expansion
$50M
$10M4

Accelerating

+3050%

Napco Security Technologies, Inc.NSSCN/A
$49M
$25MN/A

Steady

no signal

EquipmentShare.com IncEQPTN/A
$48M
$48M16

New cycle

$48M recent

OLD Dominion Freight Line, Inc.ODFLGeographic Expansion
$47M
$16MN/A

Steady

no signal

Bridger Aerospace Group Holdings, Inc.BAERN/A
$44M
$15M3

New cycle

$44M recent

ZTO Express (Cayman) Inc.ZTON/A
$42M
$8MN/A

Paused

$20M prior

GEX Management Inc.GXXMDTuck In
$41M
$20MN/A

Steady

no signal

Prog Holdings, Inc.PRGPlatform
$38M
$13M1

Cooling

-99%

Insperity, Inc.NSPBolt On
$34M
$7M4

Steady

+0% (count)

UL Solutions Inc.ULSBolt On
$27M
$14MN/A

New cycle

$27M recent

Landstar System, Inc.LSTRBolt On
$26M
$9M2

Paused

$3M prior

Ziprecruiter, Inc.ZIPHorizontal Consolidation
$25M
$13M2

New cycle

$25M recent

Wilhelmina International, Inc.WHLMBolt On
$23M
$8M2

Steady

+0% (count)

Public Policy Holding Company, Inc.PPHCGeographic Expansion
$21M
$21M2

New cycle

$21M recent

Supercom Ltd.SPCBN/A
$19M
$5M2

Steady

+0% (count)

LogicMark, Inc.LGMKN/A
$17M
$17MN/A

Steady

no signal

Kennametal Inc.KMTHorizontal Consolidation
$14M
$2M9

Steady

+100% (count)

Skytech Orion Global Corp.CTGLN/A
$14M
$14MN/A

Steady

no signal

Cass Information Systems, Inc.CASSGeographic Expansion
$14M
$3M6

Cooling

-37%

Verifyme, Inc.VRMEBolt On
$13M
$3M3

Cooling

-75%

Barrett Business Services, Inc.BBSIGeographic Expansion
$13M
$3M3

Steady

+0% (count)

Freightos LtdCRGOBolt On
$11M
$4M2

Accelerating

+67%

Click Holdings LimitedCLIKBolt On
$9M
$9M1

New cycle

$9M recent

Willis Lease Finance Corp.WLFCN/A
$6M
$6M1

Steady

+0% (count)

Knightscope, Inc.KSCPN/A
$5M
$5M1

Paused

$5M prior

Network-1 Technologies, Inc.NTIPTechnology Acquisition
$5M
$2M4

New cycle

$400K recent

Ampco-pittsburgh Corp.APHorizontal Consolidation
$5M
$5M3

Steady

+0% (count)

Vestis CorpVSTSTuck In
$5M
$5M1

New cycle

$5M recent

Reliability IncorporatedRLBYN/A
$4M
$2M1

Paused

$700K prior

Professional Diversity Network, Inc.IPDNTechnology Acquisition
$4M
$1M2

New cycle

$1M recent

Iveda Solutions, Inc.IVDAN/A
$3M
$3M1

Steady

+0% (count)

Kanzhun LimitedBZN/A
$3M
$1M2

New cycle

$3M recent

Techprecision Corp.TPCSBolt On
$3M
$1M2

Steady

+17%

Genoil Inc.GNOLFTechnology Acquisition
$2M
$480K14

Cooling

-33% (count)

Mega Matrix IncMPUN/A
$2M
$2M1

New cycle

$2M recent

Asiafin Holdings Corp.ASFHN/A
$2M
$2M1

New cycle

$2M recent

Universal Safety Products, Inc.UUUGeographic Expansion
$2M
$2M3

Steady

+0% (count)

Inspire Veterinary Partners, Inc.IVPRGeographic Expansion
$2M
$2MN/A

New cycle

$2M recent

Transportation and Logistics Systems, Inc.TLSSGeographic Expansion
$1M
$367K1

New cycle

$700K recent

Visionsys AI Inc.VSABolt On
$800K
$400KN/A

Paused

$600K prior

Olenox Industries Inc.OLOXVertical Integration
$700K
$700KN/A

Paused

$700K prior

Compx International Inc.CIXBolt On
$500K
$250K4

Steady

+0% (count)

Lichen International LimitedLICNGeographic Expansion
$500K
$500K1

New cycle

$500K recent

Icts International N.v.ICTSFN/A
$300K
$150K2

Steady

+0% (count)

Highway Holdings LimitedHIHOGeographic Expansion
$100K
$100K4

Steady

+0% (count)

Playbook theatre

The language of consolidation, by archetype

Direct sentences from public buyers' 10-K filings, grouped by the strategy they describe.

“On January 25, 2024, we completed the Omni Acquisition, which has allowed us to expand our operations both domestically and internationally.”

Forward AIR CorporationFWRDFY2024

“We intend to pursue continued growth through acquiring the assets of target companies that will enable us to (i) expand our product and service offerings and (ii) increase our geographic footprint.”

AZZ Inc.AZZFY2026

“The transportation industry continues to consolidate and competition remains strong.”

United Parcel Service, IncUPSFY2011

“The Company continues to execute a growth and acquisition strategy that involves industry, geographic and customer diversification to foster sustainable revenue, earnings and cash flow growth.”

Stanley Black & Decker, Inc.SWKFY2021

“in 2022, we acquired Stanley Access Technologies LLC and assets related to the automatic entrance solutions business”

Allegion plcALLEFY2022

“We have worked extensively in recent years to expand our Automation position through various acquisitions and organic growth initiatives.”

Applied Industrial Technologies, Inc.AITFY2025

Submarkets

Where the cadence lives

Activity intensity, lead buyers, and footprint per segment within this market.

Rental, Logistics & Outsourcing

813

Rental fleets, equipment leasing, freight, logistics, staffing, outsourcing, and distributed operations.

Buyers

67

Core

37

Spend

$110.9B

2006–2025 · last year 59

Industrial Distribution & Services

640

Industrial distribution, MRO products, tools, fabrication services, and equipment-enabled service lines.

Buyers

40

Core

27

Spend

$78.6B

2006–2025 · last year 45

Facility & Route Services

1,115

Facilities, route density, security, janitorial, maintenance, and local service networks.

Buyers

50

Core

22

Spend

$36.4B

2006–2025 · last year 102

Accelerators

Recent 3-yr cadence above prior

8

Coolers

Recent 3-yr cadence below prior

8

Trajectory

20 years of cadence and spend

Annual recorded buys and disclosed spend across the matched buyer set.

0911812006: 149 buys · $3.3B spend · 33 buyers2007: 141 buys · $4.3B spend · 34 buyers2008: 158 buys · $8.2B spend · 34 buyers2009: 163 buys · $1.8B spend · 29 buyers2010: 142 buys · $9.9B spend · 34 buyers2011: 158 buys · $4.1B spend · 43 buyers2012: 181 buys · $8.9B spend · 44 buyers2013: 130 buys · $13.1B spend · 38 buyers2014: 83 buys · $11.1B spend · 46 buyers2015: 95 buys · $13.3B spend · 43 buyers2016: 73 buys · $7.9B spend · 36 buyers2017: 93 buys · $21.1B spend · 44 buyers2018: 99 buys · $9.1B spend · 44 buyers2019: 78 buys · $4.9B spend · 38 buyers2020: 60 buys · $10.7B spend · 38 buyers2021: 110 buys · $18.5B spend · 54 buyers2022: 131 buys · $10.5B spend · 51 buyers2023: 85 buys · $11.5B spend · 44 buyers2024: 134 buys · $17.2B spend · 54 buyers2025: 169 buys · $36.7B spend · 64 buyers2006: 149 buys · $3.3B spend · 33 buyers2007: 141 buys · $4.3B spend · 34 buyers2008: 158 buys · $8.2B spend · 34 buyers2009: 163 buys · $1.8B spend · 29 buyers2010: 142 buys · $9.9B spend · 34 buyers2011: 158 buys · $4.1B spend · 43 buyers2012: 181 buys · $8.9B spend · 44 buyers2013: 130 buys · $13.1B spend · 38 buyers2014: 83 buys · $11.1B spend · 46 buyers2015: 95 buys · $13.3B spend · 43 buyers2016: 73 buys · $7.9B spend · 36 buyers2017: 93 buys · $21.1B spend · 44 buyers2018: 99 buys · $9.1B spend · 44 buyers2019: 78 buys · $4.9B spend · 38 buyers2020: 60 buys · $10.7B spend · 38 buyers2021: 110 buys · $18.5B spend · 54 buyers2022: 131 buys · $10.5B spend · 51 buyers2023: 85 buys · $11.5B spend · 44 buyers2024: 134 buys · $17.2B spend · 54 buyers2025: 169 buys · $36.7B spend · 64 buyers20062011201620212025
Recorded buysDisclosed spend (rescaled)